Key notes
- SBI Holdings is leading the $200 million commitment alongside Ripple, Pantera Capital and Kraken, with Brad Garlinghouse serving as strategic advisor.
- The company will actively manage XRP holdings through institutional lending and generate DeFi returns rather than serving as a passive vehicle for ETFs.
- Evernorth’s $1 billion commitment dwarfs the current XRP treasuries of companies like VivoPower’s $100 million and Nature’s Miracle’s $20 million allocation.
On October 20, Evernorth Holdings Inc. announced It will go public through a SPAC merger with Armada Acquisition Corp II. The company aims to build the world’s largest institutional XRP
XRP
$2.51
24-hour fluctuations:
4.6%
Market value:
$151.59 billion
Vol. 24 hours:
$4.08 billion
Treasury. The boards of directors of both companies unanimously approved the deal, which will generate total revenues of more than $1 billion.
The new company will allocate most of these proceeds to purchasing XRP on the open market. Upon closing, Evernorth will trade as “XRPN” on the Nasdaq, pending standard approvals, and will provide investors with a regulated avenue for liquid exposure to XRP. The transaction is expected to close in the first quarter of 2026, subject to regulatory and shareholder approvals.
SBI Holdings is leading a $200 million funding round
Many companies are supporting this initiative, the main one being SBI Holdings, which will support the fundraising with a commitment of $200 million. Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen are joining the effort.
Ripple CEO Brad Garlinghouse and key executives assume strategic advisory roles for Evernorth, enhancing operational independence while maintaining strong connections to the XRP ecosystem. According to the press release.
Ashish and his team are building something of their own @evernorthxrp. We’re proud to partner with him – and proud to join an incredible group of investors including SBI Holdings, Pantera Capital, Kraken, GSR and Rippleworks, to back Evernorth as it participates in the enterprise… https://t.co/qeAqXtmQcV
– Brad Garlinghouse (@bgarlinghouse) October 20, 2025
An active investment strategy targets DeFi returns
Evernorth will not operate as a passive ETF, but rather as an active investment vehicle. Its model effectively maximizes XRP per share through institutional lending, providing liquidity, and generating DeFi revenues.
The company seeks to generate shareholder returns and enhance the utility of XRP by sharing validator responsibilities and integrating with Ripple’s RLUSD stablecoin.
XRP price jumps 2.4% as institutional adoption grows
This announcement caused the price of XRP to rise by 2.4% over 24 hours. According to CoinMarketCap. While the broader cryptocurrency market remains neutral, XRP stands among today’s biggest gainers.
XRP price chart at that time | Source: CoinMarketCap
Many companies allocate a portion of their balance sheet to XRP, but Evernorth’s overall effort will be the largest to focus exclusively on the asset. We can make some comparison with some of the most famous ones:
These companies have made significant but smaller moves from Evernorth’s $1 billion-plus open market buy-and-manage structure. This trend shows that public companies are increasingly using blockchain tokens as reserves. XRP’s growing DeFi ecosystem and regulatory clarity, with the conclusion of Ripple’s lawsuit, support its appeal.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to provide accurate and timely information but should not be considered financial or investment advice. Since market conditions can change rapidly, we encourage you to verify the information yourself and consult with a professional before making any decisions based on this content.
José Rafael Peña Glam is a cryptocurrency journalist and editor with 9 years of experience in the field. He has written for top outlets such as CriptoNoticias, BeInCrypto, and CoinDesk. Specializing in Bitcoin, blockchain and Web3, he creates news, analysis and educational content for a global audience in Spanish and English.
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